How to Prepare your Business for Brexit
11 Mar 2019
Published in: Member News
An outline of some actions SME business owners can take to prepare for Brexit
With a great deal of uncertainty still surrounding what exactly will happen on or after 29th March, it’s understandable that small growing businesses are concerned about what the future holds. Whilst the lack of a clear outcome makes it difficult to plan ahead, it is of paramount importance to conduct in-depth research around Brexit and how it may affect your company.
We have outlined a few steps you can take in order to help you prepare for the unpredictable times that lay ahead.
1. Research regulatory changes
It is essential that you dedicate time to research potential regulatory changes that could affect your business or its employees. There are a range of different scenarios that could come to pass once the UK leaves the EU and being well aware of these possible changes will enable you to plan ahead and consider feasible solutions.
For businesses that import and export across the EU, it’s essential to research how the new regulations will affect this process, such as changes to tariffs, border controls and a possible delay in importing goods, which could result in a limited stock supply.
2. Protect your supply chain
There’s a possibility that your supply chain will be affected once Brexit has taken place, so your business will need to evaluate its processes in order to improve efficiency when importing and exporting goods overseas. Border control between the UK and Europe may tighten up and as a result, goods will take longer to reach their destinations. As a result, it would be worth looking at alternative trade routes, as they may become more affordable once border controls kick in.
You will also need to consider whether your business will still be able to sell its goods and services across the EU.
SME Insider is a great online network for small business owners. Their informative, engaging content provides their expanding community with specialist insight into the financial markets.
3. Review your workforce
Small to medium-sized businesses should carry out an audit on the immigration status of their workers. This will help you identify who may be affected by any new immigration controls and in turn, which of those workers would be eligible to apply for settled status. Having a plan in place will ultimately protect your employees and make them feel valued.
Here at RationalFX we tailor our currency exchange solutions to the specific requirements of your business, whilst enabling you to make your overseas payments cost-effectively. Our range of business products can help reduce the financial risk that your business could be exposed to during Brexit.
· Secure an exchange rate to make an international payment within two business days.
· Fix a rate today for a specific date in advance. This enables you to hedge against exchange rate fluctuations.
· Nominate an exchange rate you wish to achieve and we will automatically purchase the funds on your behalf once this rate is reached.
· Triggers when the market drops to undesirable levels to protect you against the rate continuing to fall.
For more information on how to make international payments with RationalFX please click here or email us at email@example.com.
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